Delay to full retirement or take s.s. at 62?

[Ozarkwoodswalker]

I know maybe there is no right answer. I am eligible , (turning 62 in I October)...I don't have to take it then to get by ok ...I realize I gain around 6% each year I hold off to full retirement at 66.5 yrs. Also, I realize I will be ~78 before the "total pile" collected will be bigger if I wait till full retirement....I'm not interested in stirring the waters, and having debated about what is best......there are many right answers, depending on individuals needs ... I was just curious if most here took at 62 or waited. And, if you were happy with the choice you made .that is,.would you do the same thing again? Thanks... currently I'm thinking I will wait a year or two or three ..(nice feeling to know once I hit 62 I'm only a month or two or three from another paycheck if I feel the need) .

[CT_Shooter]

I took my SS retirement at 62 and I'm glad I did. Like you say, everyone's situation will be different; but it was a good decision for me. My wife died of cancer only five years later, so I had precious time with her while we were both healthy and I am grateful that I was well enough to care for her while she tolerated the treatments and then as she lived until she didn't.

Now that she's gone, our SS income has been cut in half, but I'm lucky that we (she) prepared our finances well enough for me to manage on my own (so far). Things could change without notice, though; so please explore all of the financial (and emotional) possibilities when making this decision. For example, I have very severe back pain while I'm standing and walking, so I can't maintain the extensive landscaping we developed over the years or perform even simple housework by myself. As a result, I need to pay for those services now.

There's lots to consider. Take your time and carefully evaluate your current and potential situation(s); then if you can do it -- I say, do it. Enjoy the time you have left with your loved ones and make the days matter.

[JEBar]

I went through the same thought process .... a factor you didn't mention is, do you plan to work at a different job after you retire .... if so, you need to make sure you understand how that will impact your Social Security .... it took 30 years of service for me to retire from working for NC's Prison System .... I worked 30.02 years, retired, and started drawing a full state that retirement at age 56 .... I then started working in the RV industry and did so until my Full Retirement age of 65 and a few months .... I've been fully retired since age 65 and started drawing full Social Security ... I am now 72 .... in looking back, I don't think I'd change anything

[Carver]

I retired at 56 a buy out and took my SS at 62. No regrets the wife and i have had a good retirement and still enjoy all the benefits.
Fortunately we are both in good health and s\don’t have any grave issues. We are both looking forward to a long life God willing.
My advice take when you can and enjoy everyday.

[PT7]

I retired early at 65 y.o., so didn't short myself too much on the resultant benefit. I worked toward doing it early to take care of my wife, who was struggling with PD. Very glad I did that. She needed much help, and it worked out extremely well to be there for her.

During the five years from retirement date until she died, my focus on finances centered around meeting her medical needs. This also worked out. Interestingly, I had some financial/budget issues to square away after she was gone, but have mostly got that under control now.

The advice already given is all good, solid stuff. Yup, much to think about and plan for. If done thoughtfully and carefully, it can work fine --- barring the unforeseen happenings. As far as retiring early, it's a good thing. Would go that way if I had to do it all over.

My answer to your question is to go for 62.
Best to you.

PT7

[BigAl52]

I will be 67 in a couple weeks. I waited and took mine at 66. But Im also still working. My wife is retired. Right now we are both in good health. Im working because they dont want me to quit and I have alot of respect for the family I work for. Im not sure when I will quit. But for now Im happy with my decisions and hopefully I can keep building my retirement account a while longer.

[markiver54]

I retired at 62, will be 65 in December. Don't regret it for a second. Made sure I considered all financial aspects. Concluded that I wanted to enjoy what life would allow me physically, before I got to the point that my body would not allow much.
My accountant wife told me that my income would not notice any difference until 70. Even then I would be ok. I am now on SS and fortunately have a pension income to boot.
I say, just think it out, but personally, I also would go ahead and enjoy life as best you can!!
Life seems to go by a LOT faster the older we get!

[RudyN]

I retired at 62 and have my State Pension and also took Social Security at that time. I will be retired 14 years in October and am glad I took S.S. at he early age.

[Mags]

Lots of good advice already provided, but research your own circumstances.
I retired from full time employment at 62.5. I plan on taking SS at my FRA of 66. My wife will also get 1/2 of what I get. So total SS benefit will be 1.5.
Until then I enjoy part time contract work without SS benefit penalty (if I were also taking SS now, before my FRA).
After FRA, I can work all I want to without SS benefit penalty (except for IRS taxes on SS).
My dad died at 85. SS actuary table show crossover in total SS benefit payout around age 85 (regardless of when you start SS payout). So doesn't make sense for me to wait longer than my FRA.

If you or your spouse's health is questionable, might be good idea to research taking SS early. Buddy of mine is doing so. His family history is not all that great and he has had some health issues that are minor today but are a lead up to more serious future health issues (inline per said family history).

...

[GunnyGene]

Here's the goal: Live as well as you can for as long as you can. If you're financial situation supports that goal then retire early.

[Shawn1974]

I know my views may change as I am only 45, but I'm thinking 62 and I'm done. Of course, who knows what SS will look like then, and who knows how my life will pan out. I'm just making sure I'm dropping a lot of dough into my 401k. Although I have worked with numerous people who retired and had passed away within a year.

[RetiredSeabee]

I am 65 now and will hit my full retirement age at 66. Your FRA is different depending on what year you were born my wife was born in 56 hers is 66 and 2 months. Off top of my head I don’t recall the year that made FRA 67 for everyone born after that date.

As Mags said above there is an income penalty if you draw SS prior to your FRA. The amount you receive is reduced but if you are still employed and make above a set amount your SS benefit is also reduced further. For me as I recall if I were to earn more than around 32 grand a year my SS would be reduced quite a bit.
I will put off drawing my SS as long as I am still working and healthy.

[cooperhawk]

My Father worked hard his entire life and retired at 65, and died at 67. Not much time to enjoy it.

I was eligible to retire at 50, but waited till 60 because the retirement at 50 wasn't much money. I could have worked for another five years and the annuity would have increased quite a bit more, but I chose not to. You simply cannot buy the time back. I don't regret a minute of it. We are financially pretty well off because of saving and investing well. I am now 78 pushing 79.

Everyone and every situation is different and you have to weigh the options carefully. I think I would not be very happy to be retired and not have the resources to enjoy life. I also would not be happy if I worked for five more years just to gain a larger annuity, and ruined my health in the process, and I have seen that happen. I know folks in both category.

Here are some basic questions you should ask before making your decision.
1. What do I want to do after retirement and what is the cost?
2. Are my family and children taken care of to my satisfaction?
3. Will I be living up decreasing resources that will run out before I die?
4. Is the job I am in so onerous that it is affecting my health?
5. Is my spouse on board with my plans?
6. Would retiring and then working part time be an option?

There are a lot more questions to consider but keep in mind that being retired and just sitting around bored is the key to an early demise.

[cooperhawk]

I should also add that although I retired, my Wife is still working although not as hard as she used to. She is an Attorney and runs her office in our home. She also can work when we travel through the marvel of the internet. She only needs to take clients that she chooses as we do not need the money. Her income is about one third of my retirement but it keeps her mind active and she enjoys what she does as she is now in the business of helping folks.

I think that she is one of those folks who would not handle boredom very well. I am proud of her although between her career and her devout religion she can really screw up plans once in a while.

[dddrees]

A lot of good points so far but have yet to see Medicare or Healthcare costs mentioned. Because I'm retired military healthcare isn't quite the burden it is for most folks. I pay for my and my wifes health care by virtue of being retired military but it's not nearly what most have to pay and thus waiting until I am 65 is not a consideration I need to be worried about.

[fortyshooter]

Took my SS at 62 and glad I did and now 65 and on the Medicare deal. Had a long career in the Tool&Die trade.

[RanchRoper]

Have to wait a couple of years here. Money is not the issue, I have lots, it's just all tied up in debt....

[JEBar]

Have to wait a couple of years here. Money is not the issue, I have lots, it's just all tied up in debt....

understood

[ESquared]

It's been pointed out in a couple of ways above, but the biggest unknown is how much longer you're going to live, no matter when your "retire" and/or begin drawing SS.
I'm going to draw at 62 (next April) and hold off on beginning to tap a small pension from my first ever job in the 80s (in which I'm 100% vested, albeit on a small wage base) and some 401(k) $$ that I've accumulated along the way.
Everybody's situation is unique, but mortality is a tough crystal ball to crack, so I'm taking it as early as I can.